Keurig Dr Pepper’s CEO, Ozan Dokmecioglu, has resigned from his role for violating the company’s code of conduct.
Before becoming the CEO in July 2022, Dokmecioglu served as chief financial officer for the brand and was recognized for helping Keurig Green Mountain go private in 2016 and for merging with Dr Pepper Snapple in 2018.
Dokmecioglu also served on Krispy Kreme’s board of directors but resigned in September 2022.
In place of Dokmecioglu, the company’s board has reappointed Bob Gamgort, current chairman and former CEO, as its new chief executive.
The beverage giant noted that the code of conduct violations was unrelated to the company’s strategy, operations, or financial reporting.
“Keurig Dr Pepper’s Code of Conduct is built on a foundation of ethics, integrity and personal responsibility. Every employee, without exception, is accountable for knowing and following the code,” said Paul S. Michaels, lead director of the KDP Board. “Bob’s vision and leadership have driven KDP’s success as a modern beverage company to date, and the Board is grateful for his willingness to return as CEO.”
After the news broke, the company shares rose 2%. So far, in 2022 alone, Keurig Dr Pepper’s stock has risen 3%, increasing its market value to $54.4 billion.